Ping An, pharma firm Shionogi float joint venture firms

The firms are registered in Hong Kong and Shanghai.

Ping An and pharmaceutical firm Shionogi Hong Kong will launch joint venture firms in Shanghai and Hong Kong, according to an announcement.

The firms, namely Ping An-Shionogi Co. and Ping An-Shionogi Hong Kong, aim to enhance the level of health and medical services in China, in line with Ping An’s healthcare ecosystem strategy.

Ping An-Shionogi Co is registered in Shanghai, with a total investment of $419.7m (RMB2.94b) whilst Ping An-Shionogi Hong Kong Limited is registered with a total investment of $46m (HK$360m).

The ventures will establish a research and development platform to create medicines and healthcare services and deliver customized solutions to customers. They will supply new, generic and over-the-counter drugs to Chinese customers via Ping An Health Cloud.